Today in our series on the review of your banking services we look at the way you receive your funds.

Most not for profit, charity or community based organisations receive income from a variety of sources.  This can include, for example, donations, enrolment fees, membership or annual subscriptions, grant income or event fees.  As part of your review of your banking services you need to identify how these amounts are received and deposited into your bank account.

The more these amounts are directly deposited into your account the more you will save. 

This not only just relates to costs but there is also a security element.  Small organisation may receive most of their income manually that may be kept in a safe on the premises until there is an opportunity to get to the bank.  In some cases these amounts are kept in drawers, filing cabinets, cupboards or other secret locations.  While you may believe these will be secure and safe, think again.  A professional burglar will usually find where the money is hidden.  Hence, the sooner you can get the money in your bank account the better.

Where possible try to encourage the use of direct deposits straight into your bank account for any income you may receive. 

This will not only ensure that the funds are securely deposited but it will save considerable time and cost as staff will not be required to spend as much time counting, reconciling, travelling and waiting at the bank.

The main point with these issues is to highlight how you can change the methods for processing transactions that will significantly reduce time and costs.  Make the time to meet with your bank to discuss these and any other issues and negotiate a better arrangement.  Ideally, meet with at least one other bank so you can compare costs as well as services when making your decision.